Account-keeping fees next on the chopping block

Fresh on the heels of scrapping ATM fees, the next move by Australia’s major banks will be to eliminate account-keeping fees, according to a panel of economists.

One-third of the 18 economists approached by finder.com.au about the next move of major banks believe account-keeping fees will be axed, as the banks aim to sure-up public support amid major scandals and avoid the introduction of state and federal bank levies.

“Eliminating ATM withdrawal fees is a sign of good faith, and shows some of the big players are trying to win over customers despite their bottom line taking a hit,” said Graham Cooke, insights manager at finder.com.au.

“We’re likely to see similar initiatives rolled out by the banks as they attempt to provide greater transparency and a better overall banking experience.”

The move would be welcomed by consumers and business owners alike, with the company reporting that 30.2 per cent of consumers want to see these fees removed.

Other problematic bank charges are credit card late payment fees and overdraft fees.

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Regardless of whether account fees are removed, it is already possible to avoid forking out on these unpopular fees, according to Mr Cooke.

“If you’re currently forking out for this fee, it may be time to switch,” he said.